Unaudited operating results by quarters for 2017 and 2016 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included.



	Quarter Ended
	March 31		June 30		September 30		December 31			⁽¹⁾
	(In thousands, except per share amounts)
PNMR
2017
Operating revenues	$	330,178	$	362,320	$	419,900	$	332,605
Operating income	55,960		85,105		142,484		22,936
Net earnings (loss)	26,446		41,231		78,327		(50,585		)
Net earnings (loss) attributable to PNMR	22,862		37,555		73,739		(54,282		)
Net earnings (loss) attributable to PNMR per common share:
Basic	0.29		0.47		0.92		(0.68		)
Diluted	0.29		0.47		0.92		(0.68		)
2016
Operating revenues	$	310,961	$	315,391	$	400,374	$	336,225
Operating income	41,508		64,822		108,071		63,584
Net earnings	13,965		30,952		58,556		28,423
Net earnings attributable to PNMR	10,546		27,076		54,418		24,809
Net earnings attributable to PNMR per common share:
Basic	0.13		0.34		0.68		0.32
Diluted	0.13		0.34		0.68		0.31
PNM
2017
Operating revenues	$	251,558	$	276,097	$	327,254	$	249,321
Operating income	38,331		59,164		113,252		1,778
Net earnings (loss)	20,110		30,476		65,283		(28,456		)
Net earnings (loss) attributable to PNM	16,658		26,932		60,827		(32,021		)
2016
Operating revenues	$	235,606	$	233,346	$	311,276	$	255,685
Operating income	23,297		41,760		80,057		42,976
Net earnings	7,561		19,793		44,990		19,594
Net earnings attributable to PNM	4,274		16,049		40,984		16,112
TNMP
2017
Operating revenues	$	78,620	$	86,223	$	92,646	$	83,284
Operating income	17,965		26,286		29,474		19,879
Net earnings	7,604		12,204		14,727		1,024
2016
Operating revenues	$	75,355	$	82,045	$	89,098	$	80,540
Operating income	18,554		23,375		28,359		21,353
Net earnings	7,456		10,508		13,853		9,855

⁽¹⁾ Reflects the impacts of changes in federal income tax rate of $57.5 million, $29.6 million, and $7.9 million for PNMR, PNM, and TNMP (Note 11); also reflects a pre-tax regulatory disallowance resulting from PNM’s NM 2016 Rate Case of $27.9 million for PNMR and PNM (Note 17).